Press releases, Reports & Disclosures for Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling service provider, will participate in the 2023 United Nations Climate Change Conference (COP28) by hosting the District Cooling Summit 2023. The summit, organized in partnership with the International District Energy Association, aims to highlight the role of district cooling in achieving energy efficiency, meeting Sustainable Development Goals, and mitigating climate change. The event, to be held on December 5, will feature global industry experts discussing the implementation and optimization of district cooling. The summit will also spotlight the UAE's leadership in adopting sustainable cooling solutions. The agenda includes panel discussions on energy transition, low-carbon solutions, and financing for district cooling infrastructure, among other topics.

Emirates Central Cooling Systems Corporation (Empower) reported a revenue of AED 2.27 billion for the nine-month period ending 30 September 2023, marking a year-on-year growth of 9.5%. The company's EBITDA for the same period stood at AED 1.07 billion, up by 7.5% from the previous year. The company's consolidated revenue for the last twelve months was AED 2.99 billion, up 9.5% from AED 2.73 billion in the previous year. The company's net profit for the nine-month period ending September 2023 was AED 685 million. Empower paid a cash dividend of AED 425 million for the first half of 2023, fulfilling its commitment to pay dividends twice a year.

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, has paid a cash dividend of AED 425 million to its shareholders for the first half of 2023. This follows a distribution of the same amount for the second half of 2022, fulfilling the company's promise to pay dividends twice a year. Empower plans to continue this trend for the second half of 2023 and the first half of 2024. The company's CEO, Ahmad bin Shafar, stated that these dividends demonstrate Empower's commitment to its investors and to maintaining sustainable operational and financial performance.

Emirates Central Cooling Systems Corporation (Empower) has awarded contracts for the construction of a new district cooling plant and the expansion of the cooling pipeline network in the Jumeirah area of Dubai. The plant, which is expected to be operational by Q3 2024, will have a total cooling capacity of 48,000 refrigeration tons (RT) and will serve major projects and hotels in the area, including the Burj Al Arab, Jumeirah Beach Hotel, and Marsa Al Arab. The expansion of the distribution pipeline network will occur alongside the plant's construction to meet the growing demand for Empower's services in Dubai's commercial and residential sectors.